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S. 2993: Strategic Energy Fund Act of 2006

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S. 2993: Strategic Energy Fund Act of 2006

109th Congress · introduced 2006-05-23 · Taxation · Latest: Sponsor introductory remarks on measure. (CR S6593)

federal

Follow this bill, step by step

  1. Where it came from: introduced 2006-05-23 · official record
  2. Who proposed it: Sen. Clinton, Hillary Rodham [D-NY] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Sponsor introductory remarks on measure. (CR S6593) Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Strategic Energy Fund Act of 2006

Plain summary

Strategic Energy Fund Act of 2006 - Amends the Internal Revenue Code to establish in the Treasury the Strategic Energy Fund. Transfers revenues from the excess profits tax imposed by this Act to such Fund to finance clean energy research and alternative fuel projects. Modifies the tax credit for investment in alternative fuel vehicle refueling property to: (1) increase the rate of such credit from 30 to 50%; (2) increase to $50,000 the allowable amount of such credit for commercial refueling properties; and (3) extend such credit to the earlier of December 31, 2014, or until 20,000 refueling properties have been installed through the use of such credit. Expands eligibility for the small ethanol producer tax credit for producers of sucrose or cellulosic ethanol. Extends through 2014: (1) income and excise tax credits for biodiesel used as fuel; (2) tax credits for investment in solar energy and fuel cell property; (3) the tax deduction for energy efficient commercial property; and (4) the tax credit for new energy efficient homes. Allows new tax credits for: (1) the manufacture of flexible fuel and advanced technology motor vehicles; (2) investment in fuel-efficient motor vehicle fleets; (3) investment in wind energy property; and (4) captured carbon dioxide processes to enhance oil and natural gas recovery. Extends through 2017 the tax credit for producing electricity from renewable resources. Directs the Secretary of Energy to establish the position of Assistant Secretary for Advanced Energy Research, Technology Development, and Deployment. Imposes for taxable years beginning in 2006 or 2007 a 50% excise fee on the excess profits of integrated oil companies and producers or refiners of crude oil with gross receipts exceeding $100 million. Eliminates certain tax benefits for such oil companies, producers, and refiners, including: (1) the tax deductions for intangible drilling and development costs and for income attributable to domestic production of oil, natural gas, or related products; (2) amortization of geological and geophysical expenditures; and (3) foreign tax credits and deferrals. Requires such companies, producers, and refiners to revalue their LIFO inventories of crude oil, natural gas, and other petroleum products according to a specified formula. Directs the Secretary of the Interior to suspend royalty relief programs for producers of oil and natural gas on federal lands during periods when the price of oil and natural gas exceeds certain levels and to renegotiate existing leases for production of oil and natural gas on federal lands. Places limits on the depreciation of certain non-farm heavy passenger motor vehicles.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Strategic Energy Fund Act of 2006

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Clinton, Hillary Rodham [D-NY] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong109-s2993 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109